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The Correlation Research of the Impacts of Ownership Concentration on Firm Performance

Author: LiJuan
Tutor: MaLi
School: Hebei University of Economics
Course: Accounting
Keywords: Corporate performance Ownership concentration Real estate industry
CLC: F275
Type: Master's thesis
Year: 2014
Downloads: 2
Quote: 0
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Abstract


With the deepening of Chinese innovation and opening, there are new problems in thereconstruction of corporation system encountered, which mainly are“dominated shareholders”and excessive centralized ownership. Owing to much unreasonable existence, advancing theefficiency of corporate governance、improving the company performance and standarding thecompany governance structure are more difficult. In this case, combining with the Chinesepractical circumstances, to find out the inner link between ownership structure and companiesperformance has an important sense.Based on the review of related literature, it takes the research theoretically between theownership concentration and corporate performance of listed companies，carrying on the twopower separation theory, the principal-agent theory as the theory foundation. In this thesis, ittakes advantage of the largest shareholder、the herfindahl index and z index as the indexes toscale the ownership concentration. It takes the relationship between the ownershipconcentration and corporate performance of listed companies as to the breakthrough point tocarry on the research further, In order to find how the corporate performance is affected byownership concentration index. Based on the prior studies，the Chinese real estate industry inShanghai and Shenzhen Stock Exchanges during the period of2009to2011being used assample，first of all, the paper carries on the descriptive statistics, including the data change ofincrease or decrease during the three years, then tests for the correlation analysis, includingthe correlation between each independent variable and dependent variable and betweenindependent variables. Due to the multicollinearity between the independent variables, on thebasis of factor analysis, the article uses of regression analysis, trying to find out thecorrelation and puts forward proposals for optimal ownership concentration. The results showthat the equity concentration influences company performance. The regression analysisindicates that the largest shareholder shareholding and corporate performance is significantlynegative correlation, herfindahl index are significantly positively related to the performanceof a company and z index is negatively related to the corporate performance but notdramatically.According to the result of empirical analysis, this paper puts forward somecountermeasures and Suggestions: Maintaining equity moderate; Protecting the interests ofminority shareholders to improve the participation; Promoting the development of equitydiversification, increasing institutional investors; Perfecting our securities laws and regulations and the system construction and so on.The main contribution of this paper:on the selection of performance indicators, the article not only use profit index toevaluate enterprise performance tradition, but also NCFOE is introduced, Mainly because inthe real environment, shareholders and the other contract parties most essentially care aboutcash flow in future. For other indicators, such as ROE\ROA the company can make thechange through the accounting operations, but cash flow indexes are difficult to bemanipulated, because it must be consistent with bank statement and actual cash. Even if thereis the possibility of operation, the fault easily is recognized by registered accountants throughexternal forensics.Cash value, therefore, has great credibility, and cash flows of business activities caneminently reflect the operating performance of the enterprise. Considering the comparabilitybetween the company, the paper make use of operating cash flow divided by net worth.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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